Lord & Taylor is a big name in New York and Fifth Avenue in particular. It has always redefined Christmas in the city and in New York in particular.
While Lord & Taylor has been redefining Fifth Avenue for the longest of time, this Christmas season, things are about to change.
Moreover, at the moment, in New York, many notable and renowned Christmas decorations are taking place but all of them are using the slogan “Everything Must Go”.
Henceforth, Lord & Taylor is now planning to close its longtime store in January. Additionally, it is being said that in the forthcoming year, the 11 story building, which is designed on an Italian Renaissance style, will be taken over by WeWork, a renowned Workspace Leasing Company.
The problem this time in New York is that people are avoiding expensive goods. Moreover, nobody wants to divulge into low quality goods either. Lord & Taylor was not fitting in any category and therefore, the merchandise became ordinary and was no longer a good fit for Fifth Avenue anymore.
Retailers in New York cannot survive if they are making goods that are not good or cheap. In fact, the truth is that anyone who wants to venture in New York must divulge into providing something better and cheaper for the customers in order to facilitate themselves and sales too.
Lord & Taylor was not fitting in any of these categories and therefore, has had to say goodbye to Fifth Avenue at the end of the day.
Also in New York, demand for coworking spaces is significantly high. Therefore, it is being said that by the end of January, WeWork and many investors will be trying to close a big $850 million worth of deal to purchase the Fifth Avenue building. It is also being said that the transaction will take place by the end of January.
Lord & Taylor is not a new name in the industry, In fact, the truth is that Lord & Taylor established itself as a pioneer in the industry and it added to a lot in New York City.
However, this isn’t it for Lord & Taylor because their branches will continue to operate everywhere else.
It is also being said that this holiday season, people will have to turn to other competitors such as Saks, Bergdorf Goodman and Bloomingdale in order to compete with Lord & Taylor successfully.
Demand for the commercial real estate in New York is significantly high. Property is also quite expensive there. Therefore, survival for big companies becomes difficult especially when you are offering products and services that are expensive and low quality.
Being the hustling and bustling city that New York is, property will always be in high demand in the city. The worth of commercial real estate is already very high. However, for people who are offering goods and services over there, it becomes quite difficult to survive if revenues aren’t high and sales are low.
This is exactly what has happened with Lord & Taylor, who has exited from New York Fifth Avenue safely because it had to. However, there is a lot in store for Fifth Avenue because Coworking Space giant WeWork will be acquiring this building very soon.
To sum it up, the end story is that while in New York demand for commercial real estate is very high, companies cannot survive if they don’t meet standards or the cutting edge competition.
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